The Smart Hospitals Market Is Witnessing High Growth Owing To Increasing Adoption Of Iot-Enabled Smart Infrastructure In Hospitals And Healthcare Facilities.
The Smart Hospitals Market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 20 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart hospitals utilize digitized patient data and IoT technologies to operate efficiently. They are equipped with advanced medical devices, robotics, telemedicine systems, and integrated software. This improves care quality, minimizes errors and enhances outcomes for patients. The use of remote patient monitoring and mobile health technologies also enable virtual care delivery from home.
Market key trends:
The growing need to curtail escalating healthcare costs is boosting adoption of smart hospital technologies. IoT enabled solutions optimize operations and resource utilization and generate valuable insights to reduce unnecessary costs. Moreover, the continued spread of COVID-19 is compelling hospitals to strengthen their digital infrastructure for virtual care and remote patient management. This is driving investments towards developing connected patient rooms and telemedicine facilities. Demand for mobile health apps and smart wearable devices is also increasing to facilitate early disease detection and diagnosis especially in infectious outbreaks.
Porter’s Analysis
Threat of new entrants: With increasing market size of US$ 41 Bn, threat of new players entering this market is moderate. Establishing smart hospital infrastructure requires huge capital investment.
Bargaining power of buyers: Bargaining power of buyers like hospitals is moderate as they have choice of selecting technology solution providers. However, compliance with regulatory standards limits switching fully to other providers.
Bargaining power of suppliers: Major technology solution providers like Medtronic, Philips, GE Healthcare have strong bargaining power due to proprietary technology and established relationships with hospitals.
Threat of new substitutes: Threat of new substitutes is low as smart hospitals require specialized integrated software and hardware systems that are difficult to substitute.
Competitive rivalry: Intense competitive rivalry exists among key players to gain market share through differentiated technology and service offerings.
SWOT Analysis
Strength: Advanced integrated digital technologies improved patient care, safety and hospital operations. Growing investments in healthcare IT modernization.
Weakness: High initial investments and maintenance costs of smart hospital solutions. Interoperability issues between different vendors’ solutions.
Opportunity: Rising government focus on modernizing hospitals. Growing acceptance of telehealth and remote patient monitoring.
Threats: Cybersecurity threats from increased use of connected medical devices. Shortage of trained IT professionals in healthcare.
Key Takeaways
The Global Smart Hospitals Market Size is expected to witness high growth at a CAGR of 20% over the forecast period, due to increasing investments from public and private entities to modernize hospitals with digital technologies. The market size is projected to reach US$ 141 Bn by 2030.
The smart hospitals market in North America is expected to retain its dominance, growing at a CAGR of 18% during the forecast period. This is attributed to the large base of modern healthcare facilities and growing focus on population health management in the region. Asia Pacific market is expected to grow at the fastest pace owing to rising healthcare infrastructure development and government initiatives to apply digital technologies.
Key players operating in the smart hospitals market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Siemens Healthineers AG, Athenahealth, Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, Samsung Healthcare, Honeywell International Inc., Qualcomm Technologies, Inc., Itrex Group, CitiusTech Inc., and TERSO SOLUTIONS, INC. Major players are focusing on developing integrated smart hospital platforms and solutions through partnerships and mergers.